Cardano has recorded a staggering $6.52 billion in large transaction volume in the last 24 hours, according to data from IntoTheBlock. This impressive figure places Cardano nearly on par with Ethereum.
Large Transaction Volume estimates the total amount transacted by whales and institutional players on a particular day. Spikes in these volumes indicate increased activity among these major players, whether buying or selling. In this context, large transactions refer to those exceeding $100,000.
According to IntoTheBlock, Cardano's $6.52 billion in large transaction volume closely trails Ethereum's $6.94 billion within the same period. While Ethereum continues to dominate in terms of total value locked (TVL) and the number of decentralized applications (dApps), Cardano's significant transaction volume suggests growing institutional interest.
This growth in Cardano's large transaction volume comes amidst a broader market sell-off. Ethereum, the second-largest cryptocurrency by market capitalization, experienced a 20.94% decline in large transaction volume as its price fell 4.22% in the last 24 hours, trading at $3,177.
Similarly, Cardano's price has declined by 3.82% in the same timeframe, currently trading at $0.385. Despite this, Cardano ranks as the 10th largest cryptocurrency by market cap, highlighting the significance of its large transaction volume growth.
Crypto Market Faces Selling Pressure
The cryptocurrency market experienced a sharp decline on Wednesday as investors reacted to the outcomes of the July Federal Reserve meeting. The losses continued at press time, with most cryptocurrencies losing value.
Following its July meeting, the Fed left benchmark interest rates unchanged and provided little indication that a much-anticipated rate cut in September was certain. Fed Chair Jerome Powell stated that while no decisions had been made about a September rate cut, the "broad sense is that we're moving closer" to such a move.
In summary, while the overall crypto market faces selling pressure, Cardano's substantial large transaction volume indicates robust activity and potential growing institutional interest, positioning it as a notable competitor to Ethereum.
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